Lhamsuren is a 32-year-old single woman who lives with her only daughter in a rented house in Ulaanbaatar, the capital city of Mongolia. She has been working as an accountant since 2007 in the transport regulation authority of the city. Her daughter studies in 4th grade in the secondary school. She has been renting a house for the last 6 years. In recent years, the house rental price has been getting expensive due to demand that exceeds supply. She said that in the end, during these years of renting a house, nothing was left for her. When the renting contract expired she used to find another house and to move. So Lhamsuren is planning to buy a plot of land in a boundary area of the city. In the future, she will build a house on her land. The loan Lhamsuren is taking out will be used to buy a plot of land which will belong to her forever.
About Credit Mongol
Credit Mongol is the largest non-banking financial institution (NBFI) in Mongolia. Its mission is to contribute to the prosperity of Mongolians by providing high-quality, affordable and varied financial services to micro-entrepreneurs and small-to-medium-sized businesses. It prioritizes serving remote, rural populations that have typically lacked access to credit and other financial services. Uniquely, it offers solar panel loans to nomadic herders, most of whom live without electricity.